Tentatively......
Wonderful News!
This block has been one of the most obvious in the core for redevelopment for years, being arguably 2 storeys, at most; architecturally blah, at best, and a fairly large tract of land, for a downtown site.
The subway surely complicates the design a bit; but there are other building directly over the subway, with enough density, it all becomes manageable to engineer a solution.
The key now, as always, is to get architecture worthy of the site and the city.
On the upside (fingers crossed) they couldn't do much worse than what's there.
I'd be happy with any reasonable height, its really the way the building addresses Yonge, and maintaining (creating) viable retail that will interest me the most.
Given the site's nature; and how close it is to both College and Wellesley Stns. this would be a logical site for another parking-free proposal.
*****
Now to get developers east of the Don, where I want to see that large wasteland n/e of Danforth and Coxwell redeveloped. (Shopper's Drug, Green P, and a 1-storey plaza)